Nigerian Households Face Increased Kerosene Costs Amid Rising Living Expenses
The National Bureau of Statistics (NBS) has released a report showing a significant increase in the price of kerosene, further straining household budgets already burdened by rising living costs.
The report highlights that the average retail price of Household Kerosene (HHK) per litre in October 2024 has reached ₦1,957.44, representing a 3.07% month-on-month increase from September 2024. Year-on-year, the price has surged by 54.81% from ₦1,303.16 in October 2023.
The price of kerosene per gallon has also seen an uptick, rising by 1.94% to ₦6,949.75 in October 2024, compared to ₦6,818.11 in September 2024. This represents a 51.68% increase from ₦4,581.89 in October 2023.
A closer look at the regional data reveals that Abuja has the highest average price per litre at ₦2,875.00, followed by Akwa Ibom at ₦2,518.89, and Kaduna at ₦2,500.79. Conversely, Borno has the lowest price at ₦1,500.30, with Bayelsa and Adamawa following closely at ₦1,500.67 and ₦1,679.19, respectively.
The North Central region saw the highest average price per litre at ₦2,242.67, while the South-East recorded the lowest price at ₦1,772.94. In terms of gallon pricing, Katsina has the highest average retail price at ₦8,900.50, followed by Jigawa at ₦8,500.00 and Kebbi at ₦8,300.
On the other hand, Adamawa recorded the lowest price per gallon at ₦5,300.44, with Nassarawa and Niger at ₦5,325.41 and ₦5,381.88, respectively. The North-West region saw the highest average retail price per gallon, at ₦8,070.54, while the North-Central region had the lowest at ₦6,176.20.
This surge in kerosene prices comes amid ongoing fluctuations in the price of petrol, which currently stands at ₦1,120 per litre.
